Property is an industry that has been criticised for failing to use available technology to evolve. However, that is now changing according to this report from Osborne Clarke. The following is based on research sourced from 500 technology experts across Europe. Words marked with an asterisk* are defined at the end of the blog.
Technology moves fast and PropTech* companies need to be flexible and able to offer long-term benefits for the ever changing digital age. Experts believe that much of the technology being discussed today will be mainstream-ready by 2020/21: big data, the internet of things (IoT), and 3D printing* first, followed by AI* and autonomous vehicles. The report states that 82% believe technology could contribute towards alleviating the housing crisis.
New PropTech companies such as British Pearl are making property investing more accessible and connecting developers to new sources of financing. Smart home* technology can appeal to all age groups. For people, young and old, lifestyles will be improved and the Private Rented Sector will be made more attractive than buying. On top of that, older generations can use it to monitor health and their security. The process of transacting property will be simplified and made more efficient bringing cost savings. A third of the experts believe VR* could impact the industry, e.g. viewings for overseas investors.
According to European technology experts:
If you would like to read the full report, ‘Future Proof Real Estate: Is the Property Sector Ready for the 2020s?’ by Osborne Clarke, click here
Material is combined or solidified by a computer to create a three dimensional object.
Intelligence demonstrated by machines. In reaction to their environment, machines take actions designed to meet the expected goal.
Huge sets of data analysed with help from technology to unveil trends and patterns, especially to do with human behaviour.
A network of electronically embedded devices in vehicles, home appliances and other items able to connect digitally. These items transfer data increasing integration.
A transformation of the traditional property industry. It involves both the mental and technological evolution of real estate and its users. The integration of property and technology focuses especially on transactions as well as attitudes towards property.
A developed urban area that collects data electronically (e.g. with sensors) to manage assets efficiently.
Traditional automation is being replaced by a digitally connected and adaptable system. It relies on real time data from different stages of production to learn and be flexible.
A house with a network of digitally connected devices that can be controlled remotely and monitored e.g. switching on the heating on the way home from work through your smartphone.
The use of technology to simulate an environment, immersing a user inside a pre-designed experience usually with the help of goggles.
Technology worn on the human body e.g. fitbit.